Hi @John Arendsen Yes I am, there are many issues regarding city regulations that I am analyzing before I can make a final decision whether is a good idea for me or not. 

He was able to quit his government W-2 job with a pension at the age of 31, and he is now traveling the world.

Now the S-corp and LLC are good routes to go with for protection but, with a S-corp can be difficult to form because I taken a accounting class recently and with s-corp are more regulated with striker laws by the IRS. which personal my final verdict goes to LLC because you are a single person in this business if I'm not mistaken which will get the job done with this option.

For questions 1 and 2, which are really the same question: Your tax benefits will be governed by the operating agreement for the syndication. 

"With a few exceptions, the first of which being "Dwelling units in owner-occupied buildings containing six units or less; provided, however, that the provisions of Section 5-12-160 shall apply to every rented dwelling unit in such buildings within the city of Chicago".If not in the Chicago RTLO, how are these properties governed?

I know Allentown and its government is trying extremely hard to revitalize that area.

On top of that we had skyrocketing building costs, interest rates being held artificially low by the Federal government, plus considerable stimulus money flowing the last 12 months.

- Sending rent payment notices, tracking them, creating reports (you are going to want the reports when you sell or for taxes), making sure it is safe, fielding phone calls for general issues, ensuring compliance with regulations, handling issues from neighbors, about neighbors, sending lease violation notices when the puppy shows up, fielding questions about why we can't have a puppy.

So I was just poking around on the foreclosure section of the Bigger Pockets site and have seen a few properties that say $100 down - government owned.

It's a great way benefit the government provides to avoid capital gains taxes.